What happened
Shares of 8x8 (EGHT 2.15%) are soaring today, up by 12% as of 12:40 p.m. EDT, after the company reported fiscal second-quarter earnings. The results topped consensus estimates, although guidance came in below expectations.
So what
Revenue in the fiscal second quarter totaled $129.1 million, ahead of the $126.3 million in sales that analysts were expecting. That resulted in an adjusted net loss per share of $0.03, which was better than the $0.07 per share in adjusted losses that Wall Street was modeling for. The communications technology company reported annual recurring revenue (ARR) of $467.1 million and finished the quarter with 670 customers that generate ARR of $100,000 or more.
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"Our go-to-market strategy and unique value proposition as the only, single-vendor open communications platform are clearly paying off," CEO Vik Verma said in a statement. "We delivered a strong quarter across the board and we have a clear line of sight to both profitability and continued growth."
Now what
Guidance for the fiscal third quarter calls for revenue of $132 million to $133 million, which is a little light compared to the consensus estimate of $133.4 million. That top-line forecast includes service revenue of $124 million to $125 million. For the full fiscal year 2021, 8x8 expects revenue of $519 million to $522 million, including $489 million to $492 million in service revenue.
"To wrap up, we remain well positioned to manage the business for the long term and are committed to accelerating our efforts to deliver better financial performance and enhance shareholder value," CFO Sam Wilson said on the conference call with analysts. "We feel confident in delivering on our financial outlook and have line of sight to profitability, positive cash flow, and accelerating growth in fiscal 2022."
